Oil at the best levels of the day

Broad commodities are lower but oil is higher on the day despite a big surprise build in US inventories. That's weighed on USD/CAD to send it down to 1.3188 from as high as 1.3260 earlier today.

Oil is rallying further on a report saying OPEC compliance is still 120% (ie, they're still not even meeting their quotas). That's down from 147% but still leaves the market undersupplied.

The Australian and New Zealand dollars are at the best levels of the day with the Aussie topping 0.7401 and kiwi just shy of 0.6800. A second driver is a better tone in stock markets as the S&P 500 rises 7 points to 2816 and the best levels of the day. Thirdly, some of Powell's comments -- including fretting about downside inflation risks -- have weighed on Treasury yields and the dollar more broadly.